USD/CAD – 1H – BUYThe pair US Dollar/Canadian Dollar (USD/CAD) breaks through the bearish trendline up.
The bullish trend upwards to the next resistance at 1.38921 is likely expected.
Caution: A possible change in the direction of support at 1.38493 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is likely expected. Current target is 1.39045 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the resistance level at 1.38921 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bullish Engulfing’ candle pattern is discovered. The chart shows ‘Bullish Engulfing’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.39045 |
| 2nd High | 1.38986 |
| Next High | 1.38921 |
| Current Price | 1.38846 |
| Next Low | 1.38493 |
| 2nd Low | 1.38396 |
| 3rd Low | 1.37978 |
1.38921 – 1.38986 – 1.39045 – 1.38493 – 1.38396 – 1.37978
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing